SONOSCAPE(300633) 国海证券·2024-09-01 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing temporary pressure on performance but is expected to recover high growth in the second half of the year [1][2] - The company has launched high-end ultrasound products, accelerating domestic substitution, with a revenue of 1.013 billion yuan in the first half of 2024, a year-on-year decrease of 2.94% [2][3] - The company is a leader in ultrasound technology in China, holding over 300 invention and design patents, and ranks among the top ten globally in the ultrasound industry [3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.013 billion yuan, a year-on-year decrease of 2.94%, and a net profit attributable to shareholders of 171 million yuan, down 37.53% year-on-year [2] - The company’s core ultrasound revenue was 610 million yuan, down 5.94% year-on-year, while endoscopy revenue was 387 million yuan, up 2.84% year-on-year [2] Product Development - The company continues to introduce high-end ultrasound products and has a comprehensive range of ultrasound probe types, all developed in-house, covering all organs of the human body [3] - In the endoscopy sector, the company has launched a series of products that meet the needs of high-end, mid-range, and low-end users, filling domestic gaps in technology [3] Market Position - The company ranks fourth in market share in China and is continuously consolidating its industry position [3] - The company’s products have received recognition from top-tier hospitals, indicating competitive performance compared to imported products [3] Future Outlook - The company maintains its profit forecast, expecting operating revenues of 2.585 billion, 3.115 billion, and 3.773 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 575 million, 690 million, and 834 million yuan [4][5] - The company is expected to benefit from scale effects, leading to an increase in net profit margins [4]